Through Tesla, Musk has made an all-stock deal offer for embattled solar-energy firm SolarCity, which Musk cofounded.

He said that this deal would help to make Tesla the first “vertically integrated energy company offering end-to-end clean-energy products to our customers.” SolarCity’s stock is up 20% on the news.

Of course, this is just an offer and not yet a done deal, and there are plenty of reasons why it could still fall through. But if it does happen, then Tesla shareholders should be worried.

Now, in case you haven’t been following the SolarCity story, it’s the company that, a few minutes before this deal was announced, Goldman Sachs said was the “worst positioned” for growth in its sector.

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